UPDATE 1-Simon Property ends pursuit of Macerich

April 1, 2015 1:40 PM

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April 1 (Reuters) - Simon Property Group Inc scrapped its attempt to buy Macerich Co, ending what could have been the largest deal between U.S. shopping mall operators after Macerich rejected its sweetened offer of $23.2 billion including debt.

Shares of Macerich, which said the raised offer still undervalued the company, fell 5 percent to $80 in premarket trading on Wednesday.